§6411.__Maine Woods Fund

1.__Fund established.__There is established the Maine Woods Fund, which is administered by the board.__The fund consists of the proceeds from the sale of any bonds authorized for the purposes set forth in subsection 2 and any funds received as contributions from private and public sources for those purposes.__The fund must be held separate and apart from all other money, funds and accounts.__Eligible investment earnings credited to the assets of the fund become part of the__assets of that fund.__Any balance remaining in the fund at the end of any fiscal year may not lapse but must be carried forward to the next fiscal year.

2.__Fund proceeds.__The proceeds of the fund may be applied and expended to:

A.__Acquire property or an interest in property that is determined by the board appropriate for sustainable forestry practices and public access and recreation;

B.__Fund minor capital improvements on lands acquired by proceeds from the fund to improve accessibility, as long as these improvements do not exceed 5% of the appraised value of the acquired property;

C.__Manage lands for the purposes set forth in this chapter; and

D.__Pay the expenses of the board in carrying out its responsibilities.

3.__Payments.__Pursuant to section 6406, subsection 2, paragraph E, payments in lieu of local property tax must be made to the local municipality or, in the case of land in unorganized territory, to the State Tax Assessor.__The tax is to be determined for equivalent land in timber production.

§6412.__Leasing or renting property by board

For the purposes of this chapter, the board may lease, rent, assign or otherwise dispose of a project, projects or part of any project only to the State, an agency, instrumentality or department of the State or branch of State Government or any related agency of state, county or local government.__Revenues derived by the board from any lease or rental agreement must be